2. 2
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about
Plug Power Inc. (“PLUG”), including but not limited to statements about PLUG’s expectations for 2016 and 2017, including GAAP revenue, number of GenDrive shipments, number of
GenFuel sites, number of ProGen modules, GAAP gross margin, bookings and net cash use, future product cost reduction, PLUG’s growth in multi-site customers, PLUG’s entry into new
markets and products, including but not limited to ProGen and the electric vehicle market in China and the viability and growth of such market. You are cautioned that such statements
should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have
been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In
particular, the risks and uncertainties include, among other things, the risk that we continue to incur losses and might never achieve or maintain profitability; the risk that we will need to
raise additional capital to fund our operations and such capital may not be available to us; the risk that our lack of extensive experience in manufacturing and marketing products may
impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in
whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that a loss of one or more of our major customers could result in a material
adverse effect on our financial condition; the risk that a sale of a significant number of shares of stock could depress the market price of our common stock; the risk that negative publicity
related to our business or stock could result in a negative impact on our stock value and profitability; the risk of potential losses related to any product liability claims or contract disputes;
the risk of loss related to an inability to maintain an effective system of internal controls or key personnel; the risks related to use of flammable fuels in our products; the cost and timing of
developing, marketing and selling our products and our ability to raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our
products; the risk that our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling
infrastructures for our products; market acceptance of our products, including GenDrive, GenSure and GenKey systems; the volatility of our stock price; our ability to establish and
maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability
of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our
product lines; our ability to successfully expand internationally; our ability to improve system reliability for our GenDrive, GenSure and GenKey systems; competitive factors, such as price
competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal,
state and international governmental regulations; risks associated with potential future acquisitions; and other risks and uncertainties referenced in our public filings with the Securities
and Exchange Commission (the “SEC”).
For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the SEC including, the "Risk Factors" section of PLUG's
Annual Report on Form 10-K for the year ended December 31, 2015. You should consider these factors in evaluating the forward-looking statements included in this presentation and not
place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of
new information.
4. 4
Plug Power is the Leader in
Hydrogen and Fuel Cell Technology
1st to create a
market for HFC
technology
150
HFC patents
5.8MM+
Hydrogen fuelings
15K+ units in
the field
122MM+
operating hours
70% reduction in cost
profile since 2013
>3x revenue
growth since 2013
80% Blue Chip
Customer Base
5. 5
Success in Our First Market:
Growing Share in Material Handling Applications
• Plug Power owns 95% of current market share for
hydrogen fuel cells
• Plug Power’s technology drives productivity and
streamlines operations for our customers
❖ Constant power and improved performance drives improved
operator efficiency
❖ Reduced downtime due to battery changes/charging
❖ Space savings
❖ IoT proactively identifies issues to maximize uptime
The global material handling market represents a $30 billion total market opportunity
Technology drives
performance
Reputation attracts
new clients
Growth enables
re-investment in
our business
6. 6
44 installed sites
150+ hydrogen dispensers
10k fuelings/day, 5M+ total
Fueling infrastructure and
fuel delivery
Completesolutiondrivescustomeradoption
15,000+ units in the field
Drop-in replacement
122M+ operating hours
Hybrid electric fuel cell solution
for forklifts
98+% uptime performance
IoT data collection, monitoring
and control driving efficiency and
uptime
Complete service and
maintenance
Full Suite of Products Accelerates
Customer Adoption
Industry-leading high-power and
air-cooled designs
Lower cost / higher performance
35+ years of Plug Power IP
Hybrid fuel cell engines for a
variety of applications
7. 7
Success in Our First Market:
Loyal and Repeat “Blue Chip” Customers
M
u
l
t
i
-
multi-site & repeat customers
8. 8
Case Study: Walmart
2014
• Initial GenKey contract signed Pottsville, PA
• GenKey installed in 6 distribution centers
• 1,700 GenDrive units
2015
• 9 GenKey sites added
• >1 million fuelings over the year
2016
• Total of 27 sites commissioned
• 2,500 GenDrive units deployed
• >5,500 trucks in service across North America
2017 and
beyond
• Partnering to continue expansion
• >80 uninstalled sites
Pre-2014 • 580 GenDrive units in the field
Plug Power’s relationship with Walmart represents the largest hydrogen enabled fleet in the world
“We are pleased with the
performance of the hydrogen fuel
cells that we have been operating
and are excited to expand our
program with Plug Power.”
– Jeff Smith, Senior Director
for Walmart Logistics
9. 9
Background
• Plug Power and Amazon actively engaged in
Spring, 2016
• Amazon recognized Plug’s value proposition,
including the ability to enhance warehouse
productivity
First Site Success
• Under GenKey contract, units were shipped to a
site in Q3’ 2016; site went live in Q4
• Completed system installation in 8 weeks
Multi Site Agreement Announced
• $70 million estimated revenues in 2017
Investment in Plug Power
• Warrant structure connected to cash payments;
full vesting of warrant upon $600 million aggregate
spend
Plug Power Signs Strategic Agreement with Amazon
Amazon establishes multi-year,
multi-site customer agreement with Plug Power
10. 10
Plug Power is…
Leading the commercialization of hydrogen fuel cell technology
Leveraging our proprietary and flexible ProGen fuel cell engine platform
Expanding our market position in material handling applications
Replicating success achieved in first market
Delivering strong and predictable revenue and bookings growth
11. 11
The global electric vehicles market is expected to reach $334 billion by 20241
The Future of Mobility is Electric
Robotics &
Drones
Autonomous
Vehicles
Commercial
Trucks
Commercial
Buses
Industrial
Mobility
Industrial and commercial electric vehicles today represent 60% of the value of the electric vehicle market2
1. IDTechEx Market Research: “Electric Vehicles Change the World 2017-2037”
2. Research and Markets: “Industrial and Commercial Electric Vehicles on Land 2017-2027"
EV Use Cases
Will…
✓Have high utilization
✓Require long run times
✓Be fully sensored
✓Be constantly connected
✓Have zero emissions
✓Leverage renewable
fueling options
✓Connect and interact
with the grid
12. 12
Fuel Cells will be a Viable Player in Addressing the
Trends Shaping the Motive Industry
Seeking Efficiency Through Vehicle…
Electrification
Fuel Cells: Range is not compromised, reduced emissions, shorter
charging times
❖ Plug fuel cells will replace batteries in the forklifts used in
multiple Amazon distribution centers
Asset Utilization
Fuel Cells: Consistent utilization to meet consumer demand; fuel costs
scalable over larger fleets, centralized fueling, automation
❖ Plug Power services the BMW fleet, which has its trucks
in operation 24/7
Autonomy
Fuel Cells: Sensor-equipped, range, persistent use
❖ Plug Power is powering automatic guided vehicles at P&
G factories
Last Mile
Fuel Cells: Ability to use within delivery vans, robots, drones, hastening
delivery times
❖ FedEx delivery vans incorporating ProGen engines, save
time spent on fueling, and without compromising range
Asset
Utilization
Last MileAutonomy
Electrification
Hydrogen Fuel Cells Are a Logical Enabler
Each trend is driven by the value individuals
place on time, reliability, convenience,
predictability, and cost savings
13. 13
China Represents a Massive Opportunity
Plug Power’s experience and expertise is directly translatable to this growing market
• >$100B of new investment in 2015 – more than US, UK and Japan
combined
• Large push to combat pollution and reduce global carbon footprint
• Fuel cells have been identified as a part of their 5 year plan with significant
subsidies proposed for FC vehicles at state and provincial levels
The world leader in investing in new energy technologies
• 10x increase in EVs from 2013 to 2015, driven by commercial vehicles
• Fuel cells provide longer range, faster fueling and better energy density for
high-performance and commercial/industrial applications
Building on momentum of battery EV expansion
2. Bloomberg New Energy Finance
8
7
10
36
128
0
100
200
300
400
500
2011 2012 2013 2014 2015
North America Europe China Japan RoW
Electric Vehicle Sales (Thousands)2
• Three-way MOU signed in November, 2016 with Furui (leader in CNG and
LNG infrastructure), and a “Big Three” Chinese vehicle manufacturer
• Scalable rollout with attractive margin profile
• Continuing conversations with other potential partners with a focus on new
markets, manufacturing and technology R&D
Plug has made significant progress in this market
8.3
39.6
102.9
0
20
40
60
80
100
120
2005 2010 2015
China New Investment in
Renewable Energy ($Bn)1
1. Global New Investment in Renewable Energy by Region, 2004-2015, $BN United
Nations Environment Program
14. 14
New Application:
Range Extender Product Development
Plug Power leverages product expertise to share similar designs and components
FedEx
• More than double current battery-only range of 60 miles to
150 miles
• First ProGen modules shipped for integration into truck in
February 2016
• 19 additional units expected to be deployed (2017-2018)
Leading Chinese vehicle manufacturer delivery truck
• Will increase range of current battery-only truck from 90
miles to 160 miles
• Prototypes in May of 2017
• Success leads to first order of 500 units
• Three-way MOU to deploy ~13,500 commercial fuel cell
vehicles over three years
17. 17
Improving Performance in PPA Deployments
$14.8
$17.4 $17.3
$16.6
$8.9
$11.2 $11.7 $11.5
$10.7
$7.3
$-
$5.0
$10.0
$15.0
$20.0
Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17
PPA Systems Deployed (1)
Value Cost
(1) Value of PPA Systems is a metric showing the value of the systems shipped under PPA contracts calculated as if they were financed similarly to structures used in 2015. We provide this
metric to show a relative comparison of activity year over year.
18. 18
R² = 0.99
13%
25%
50%
100%
GenDrive Unit Cost Over Time
Cost Controls and Economies of Scale
Drive Margin Expansion
Many factors will continue to support steady
cost reduction
• Volumes
− Multi-year sourcing allows us to take advantage of lower
pricing associated with higher volumes
• Dual source strategies
− Risk mitigation
− Cost reduction and supplier innovation
• Integration
− Functional & Vertical
• Tooling, Automation
• Industry leverage of key components
− Sector expansion drives component pricing
− Examples include membranes, batteries, etc
Cost Reduction is the Key to Success
Additional ~40%
cost reduction
Expected
19. 19
2017 Guidance: Improving Operational and
Financial Performance
Metric 2017 Guidance
Revenue (GAAP) Total: $130 million
Shipments
GenDrive
GenFuel Sites
ProGen Mods.
Total
5,600
25
100
PPA
1,800
9
N/A
Gross Margin (GAAP) • 8% - 12%
Bookings • $325 million
Cash • $25-$35 million of net cash used in operating
and investing activities
20. 20
Plug Power Success
Continuing to lead the commercialization of fuel cells
• Our experience remains unmatched with more than 122 million hours of fuel-cells in service; this is
significantly higher than any competitor
Leveraging the ProGen fuel stack in our new designs
• We have achieved ~15% cost reduction from prior models through the use of our proprietary stacks
• The modularity of the ProGen platform has enabled us to work with OEM’s, leading to the 3-way MOU
signed with Furui for delivery vans
Expanding our market position
• Adding new names to our book of business in the US and abroad, including top retailers Amazon and
Carrefour, is a testament to our strong value proposition
Replicating success in material handling
• Our technology is adaptable across a range of power and energy needs: we have deployed multiple
units of ground support equipment (GSE), and developed the FedEx range extender, both powered by
our fuel cells
Paving a path towards profitable revenue growth
• We have significantly driven down costs, reflected in the growth of our margins
• The future predictability of revenue and deployments through new contracts will have a meaningful
impact on our financial performance
21. Corporate Headquarters
968 Albany Shaker Road, Latham, NY 12110
West Coast
15913 E. Euclid Avenue, Spokane, WA 99216
plugpower.com
Andy Marsh, President and Chief Executive Officer
Paul Middleton, Chief Financial Officer
Investor Relations
investorrelations@plugpower.com
